Bertucci’s Brick Oven gets interim access to cash collateral

By Sarah Lizee

Olympia, Wash., Dec. 9 – Bertucci’s Restaurants, LLC, which does business as Bertucci’s Brick Oven Pizza & Pasta, received interim approval to access cash collateral, according to an order filed Friday with the U.S. Bankruptcy Court for the Middle District of Florida.

Another hearing is scheduled for Jan. 10.

The company owes about $21 million on two credit facilities from PHL Holdings, LLC. The loans are secured by a blanket lien on the debtor’s assets.

The company said it needs to use about $6 million of cash collateral to continue to operate for the next four weeks, and possibly continuing after that.

As adequate protection for the use of cash collateral, the debtor is proposing to grant the lender a replacement lien.

Bertucci’s is an Orlando, Fla.-based operator of 47 Italian-themed restaurants. The company filed Chapter 11 bankruptcy for a second time on Dec. 5 under case number 22-04313. The company’s first Chapter 11 case began in the U.S. Bankruptcy Court for the District of Delaware under case number 18-10894 on April 15, 2018. The case was dismissed on Dec. 30, 2019.

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